China's second-biggest insurance company has threatened to take legal action against "The New York Times" over reports that Prime Minister Wen Jiabao's relatives had accumulated at least $2.7 billion through holdings in the firm.

Ping An Insurance did not directly name "The New York Times," but said on November 26 that recent media coverage related to the company contained "serious inaccuracies," "distorted" facts, and "flawed logic."

The newspaper issued a second report last weekend claiming that in 1999, Wen, who was then deputy prime minister, had waived financial rules that would have required Ping An's breakup.

Ping An, based in the southern city of Shenzhen, is now worth $60 billion.

The report said Wen may not have been aware of stakes purchased by his relatives after the waiver.